Former RBA governor joins Macquarie

Glenn Stevens, the former governor of the Reserve Bank of Australia, has been appointed as an independent director to the boards of Macquarie Group and Macquarie Bank.

Macquarie chairman Peter Warne announced the appointment of former RBA governor Glenn Stevens as an independent director.

Mr Stevens, who will start at Macquarie on 1 November, was the governor of the RBA between 2006 and 2016 before he was replaced by current governor Philip Lowe.

Mr Warne described Mr Stevens as an “internationally respected central banker who has contributed significantly to Australia’s economic success”.

“He brings a unique perspective to our boards, not only regarding the drivers of Australia’s economy but also those of the international economies from which Macquarie derives the majority of its income,” Mr Warne said.

Mr Stevens’ appointment came as Macquarie Group announced a $1.25 billion half-year net profit, up by 19 per cent on the prior corresponding period.